Affidavit of Appraisers3.amazonaws.com/records.cthouse/7741182.pdf · Single family housing Present land use % Land use change Note: Race and the racial composition of the neighborhood

Property AddressCity County State Zip Code

Form SCNLGH — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Affidavit of Appraiser

Janice McKenzie

489 Sherman Parkway

New Haven New Haven CT 06511

Hunt Leibert Jacobson, P.C.

Borrower/Client

Client


Affidavit of Appraiser

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


LOCATED AT:

FOR:

AS OF:

BY:

Esposito & Associates

Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

489 Sherman Parkway

New Haven, CT 06511


50 Weston Street

Hartford, CT 06120

April 18, 2014


1674 Whitney Avenue, Suite 2

Hamden, CT 06517

William F. Esposito, Jr.

Certified General Appraiser, License No. RCG.187

Telephone (203) 281-3331 Fax (203) 230-0009

APPRAISAL OF REAL PROPERTY


Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

489 Sherman Parkway

New Haven, CT 06511


50 Weston Street

Hartford, CT 06120

April 18, 2014


1674 Whitney Avenue, Suite 2

Hamden, CT 06517


Certified General Appraiser, License No. RCG.187

Telephone (203) 281-3331 Fax (203) 230-0009

APPRAISAL OF REAL PROPERTY

LOCATED AT:

FOR:

AS OF:

BY:

Property Description File No.UNIFORM RESIDENTIAL APPRAISAL REPORT

SU

BJEC

T

Property Address

Legal DescriptionAssessor's Parcel No.

BorrowerProperty rights appraised

Neighborhood or Project NameSale Price $

Lender/ClientAppraiser

LocationBuilt up

Growth rateProperty values

Demand/supplyMarketing time

City State Zip Code

CountyTax Year R.E. Taxes $ Special Assessments $

Current Owner Occupant: Owner Tenant VacantFee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ /Mo.

Map Reference Census TractDate of Sale Description and $ amount of loan charges/concessions to be paid by seller

AddressAddress

NEIG

HB

OR

HO

OD

Predominantoccupancy

Single family housing Present land use % Land use change

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Predominant

UrbanOver 75%

RapidIncreasing

ShortageUnder 3 mos.

Suburban25-75%

StableStable

In balance3-6 mos.

RuralUnder 25%

SlowDeclining

Over supplyOver 6 mos.

OwnerTenant

Vacant (0-5%)

Vac.(over 5%)

PRICE AGE$(000) (yrs)

LowHigh

One family

2-4 familyMulti-family

Commercial

Not likely

In process

Likely

To:

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time

-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

PU

D

Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes NoApproximate total number of units in the subject project Approximate total number of units for sale in the subject project

Describe common elements and recreational facilities:

SIT

E

Dimensions

Site areaSpecific zoning classification and description

Zoning compliance

Highest & best use as improved:

Corner Lot Yes No

Legal Legal nonconforming (Grandfathered use) Illegal No zoningPresent use Other use (explain)

Utilities Off-site Improvements

Electricity

GasWater

Sanitary sewerStorm sewer

Public Other Type Public PrivateStreet

Curb/gutterSidewalk

Street lightsAlley

Topography

SizeShape

DrainageView

LandscapingDriveway Surface

Apparent easementsFEMA Special Flood Hazard Area

FEMA ZoneFEMA Map No.

Map Date

Yes No

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

DES

CR

IPTIO

N O

F IM

PR

OV

EM

EN

TS

GENERAL DESCRIPTION

No. of UnitsNo. of Stories

Type (Det./Att.)Design (Style)

Existing/ProposedAge (Yrs.)

Effective Age (Yrs.)

EXTERIOR DESCRIPTION

FoundationExterior Walls

Roof SurfaceGutters & Dwnspts.

Window TypeStorm/Screens

Manufactured House

FOUNDATION

SlabCrawl Space

BasementSump Pump

DampnessSettlement

Infestation

BASEMENT

Area Sq. Ft.% Finished

CeilingWalls

FloorOutside Entry

INSULATION

RoofCeiling

WallsFloor

None

Unknown

ROOMS

BasementLevel 1

Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

INTERIOR Materials/Condition

FloorsWalls

Trim/FinishBath Floor

Bath WainscotDoors

HEATING

TypeFuel

ConditionCOOLING

CentralOther

Condition

KITCHEN EQUIP.

RefrigeratorRange/Oven

DisposalDishwasher

Fan/HoodMicrowave

Washer/Dryer

ATTIC

NoneStairs

Drop StairScuttle

FloorHeated

Finished

AMENITIES

Fireplace(s) #Patio

DeckPorch

FencePool

CAR STORAGE:

NoneGarage

AttachedDetached

Built-InCarport

Driveway

# of cars

CO

MM

EN

TS

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the

immediate vicinity of the subject property.:

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6/93PAGE 1 OF 2Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

HLJ #291034

489ShermanParkway2

489 Sherman Parkway New Haven CT 06511

Volume: 8031 Page: 284 New Haven

Map: 321 Block: 0323 Lot: 00600 2012 2,822.88 None

Janice McKenzie Janice McKenzie

N/A

N/A MSA-35300 1416

N/A N/A N/A

Hunt Leibert Jacobson, P.C. 50 Weston Street, Hartford, CT 06120

William F. Esposito, Jr. Esposito & Associates, 1674 Whitney Avenue, Suite 2, Hamden, CT 06517

20

130

70

25

115+

90

20

55

15

8

Vacant 2

North: Munson Street; East: Dixwell Avenue; South: Whalley Avenue; West: Winthrop Avenue. The

area consists mostly of 1-4 family dwellings and apartment complexes, as well as some commercial uses.

The subject is located within 1.5 miles northwest of the major employment center of downtown New Haven. The proximity to employment is

rated average. The employment stability for the area is rated average. The proximity to amenities is rated average. The area appeals to the

lower to moderate value range home buyer in the city. There is convenience to shopping, public transportation and the downtown area. The

traffic pattern on the subject street is considered to be moderate to heavy. The subject is located across the street from Hillhouse High School

and Field House. The traffic pattern and proximity to heterogeneous uses and a housing complex are slight adverse conditions in the area.

Property values have increased slightly over the past year. Supply and demand factors appear to be in balance in the market area. The

average marketing time for a single family home in the city is one to four months, which is the same amount as this time last year. Interest

rates are at reasonably low levels. Conventional financing is the norm in the market area, but FHA, VA and CHFA loans are commonly made in

the subject's value range and market area.

N/A

N/A N/A

N/A

Westerly 45FF x Northerly 155' x Easterly 47' x Southerly 170'

7,475+/- Square feet = 0.17 Acre

Residential, RM-2 (5,400 s.f., 50FF Minimum)

Paved asphalt

Granite

Concrete

Incandescent

None

Rises gently above grade

Average

Mostly rectangular

Drainage conditions unknown

No special view

Average

Concrete, asphalt

Possible shared driveway

Zone X 07/08/2013

09009C-0429-J

Only an off-site

inspection was made. The driveway, which may be shared, appears to be in poor condition. A concrete walkway leads from the sidewalk to the

front and rear of the house. The subject abuts a housing complex beyond the rear of the site. The site is in need of general landscaping.

1

2

Detached

Colonial

Existing

89 Years

35 Years

Brick,stone,mtr.

Aluminum sdg.

Asphalt shingle

Aluminum

Double Hung

Aluminum

None

None

None

100% Full

Unknown

Unknown

Unknown

Unknown

794

0%

--------

--------

--------

Yes*

*Metal bulkhead

794

1 1 1 0.5 794

4 1 728

Level 3

7 4 1.5 1,522

Unknown*

Unknown*

Unknown*

Unknown*

Unknown*

Unknown*

*Exterior Inspection

FWA

Oil

Unknown

None

None

N/A

Brick-1

None

Wood

Enclosed

None noted

None

None

Two

None

None

Single

8' x 26' front first floor enclosed porch, 11' x 11' rear wood deck.

Only an

exterior and off-site inspection of the subject was made. The subject is estimated to be in average to fair overall condition based on the exterior

inspection and City Hall records. The windows and siding, where seen, appear to be older. The roof, where seen, exhibits wear. The garage

appears to be in fair condition. No functional obsolescence is assumed. External obsolescence is noted as stated earlier in the report.

Without this appraiser performing an interior and on-site inspection, it is unknown if the subject suffers

any adverse conditions. See attached Statement of Limiting Conditions.


Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

HLJ #291034

489ShermanParkway2

489 Sherman Parkway New Haven CT 06511

Volume: 8031 Page: 284 New Haven

Map: 321 Block: 0323 Lot: 00600 2012 2,822.88 None

Janice McKenzie Janice McKenzie

N/A

N/A MSA-35300 1416

N/A N/A N/A

Hunt Leibert Jacobson, P.C. 50 Weston Street, Hartford, CT 06120

William F. Esposito, Jr. Esposito & Associates, 1674 Whitney Avenue, Suite 2, Hamden, CT 06517

20

130

70

25

115+

90

20

55

15

8

Vacant 2

North: Munson Street; East: Dixwell Avenue; South: Whalley Avenue; West: Winthrop Avenue. The

area consists mostly of 1-4 family dwellings and apartment complexes, as well as some commercial uses.

The subject is located within 1.5 miles northwest of the major employment center of downtown New Haven. The proximity to employment is

rated average. The employment stability for the area is rated average. The proximity to amenities is rated average. The area appeals to the

lower to moderate value range home buyer in the city. There is convenience to shopping, public transportation and the downtown area. The

traffic pattern on the subject street is considered to be moderate to heavy. The subject is located across the street from Hillhouse High School

and Field House. The traffic pattern and proximity to heterogeneous uses and a housing complex are slight adverse conditions in the area.

Property values have increased slightly over the past year. Supply and demand factors appear to be in balance in the market area. The

average marketing time for a single family home in the city is one to four months, which is the same amount as this time last year. Interest

rates are at reasonably low levels. Conventional financing is the norm in the market area, but FHA, VA and CHFA loans are commonly made in

the subject's value range and market area.

N/A

N/A N/A

N/A

Westerly 45FF x Northerly 155' x Easterly 47' x Southerly 170'

7,475+/- Square feet = 0.17 Acre

Residential, RM-2 (5,400 s.f., 50FF Minimum)

Paved asphalt

Granite

Concrete

Incandescent

None

Rises gently above grade

Average

Mostly rectangular

Drainage conditions unknown

No special view

Average

Concrete, asphalt

Possible shared driveway

Zone X 07/08/2013

09009C-0429-J

Only an off-site

inspection was made. The driveway, which may be shared, appears to be in poor condition. A concrete walkway leads from the sidewalk to the

front and rear of the house. The subject abuts a housing complex beyond the rear of the site. The site is in need of general landscaping.

1

2

Detached

Colonial

Existing

89 Years

35 Years

Brick,stone,mtr.

Aluminum sdg.

Asphalt shingle

Aluminum

Double Hung

Aluminum

None

None

None

100% Full

Unknown

Unknown

Unknown

Unknown

794

0%

--------

--------

--------

Yes*

*Metal bulkhead

794

1 1 1 0.5 794

4 1 728

Level 3

7 4 1.5 1,522

Unknown*

Unknown*

Unknown*

Unknown*

Unknown*

Unknown*

*Exterior Inspection

FWA

Oil

Unknown

None

None

N/A

Brick-1

None

Wood

Enclosed

None noted

None

None

Two

None

None

Single

8' x 26' front first floor enclosed porch, 11' x 11' rear wood deck.

Only an

exterior and off-site inspection of the subject was made. The subject is estimated to be in average to fair overall condition based on the exterior

inspection and City Hall records. The windows and siding, where seen, appear to be older. The roof, where seen, exhibits wear. The garage

appears to be in fair condition. No functional obsolescence is assumed. External obsolescence is noted as stated earlier in the report.

Without this appraiser performing an interior and on-site inspection, it is unknown if the subject suffers

any adverse conditions. See attached Statement of Limiting Conditions.


Property Description File No.UNIFORM RESIDENTIAL APPRAISAL REPORT

SU

BJEC

T

Property Address

Legal DescriptionAssessor's Parcel No.

BorrowerProperty rights appraised

Neighborhood or Project NameSale Price $

Lender/ClientAppraiser

LocationBuilt up

Growth rateProperty values

Demand/supplyMarketing time

City State Zip Code

CountyTax Year R.E. Taxes $ Special Assessments $

Current Owner Occupant: Owner Tenant VacantFee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ /Mo.

Map Reference Census TractDate of Sale Description and $ amount of loan charges/concessions to be paid by seller

AddressAddress

NEIG

HB

OR

HO

OD

Predominantoccupancy

Single family housing Present land use % Land use change

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Predominant

UrbanOver 75%

RapidIncreasing

ShortageUnder 3 mos.

Suburban25-75%

StableStable

In balance3-6 mos.

RuralUnder 25%

SlowDeclining

Over supplyOver 6 mos.

OwnerTenant

Vacant (0-5%)

Vac.(over 5%)

PRICE AGE$(000) (yrs)

LowHigh

One family

2-4 familyMulti-family

Commercial

Not likely

In process

Likely

To:

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time

-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

PU

D

Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes NoApproximate total number of units in the subject project Approximate total number of units for sale in the subject project

Describe common elements and recreational facilities:

SIT

E

Dimensions

Site areaSpecific zoning classification and description

Zoning compliance

Highest & best use as improved:

Corner Lot Yes No

Legal Legal nonconforming (Grandfathered use) Illegal No zoningPresent use Other use (explain)

Utilities Off-site Improvements

Electricity

GasWater

Sanitary sewerStorm sewer

Public Other Type Public PrivateStreet

Curb/gutterSidewalk

Street lightsAlley

Topography

SizeShape

DrainageView

LandscapingDriveway Surface

Apparent easementsFEMA Special Flood Hazard Area

FEMA ZoneFEMA Map No.

Map Date

Yes No

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

DES

CR

IPTIO

N O

F IM

PR

OV

EM

EN

TS

GENERAL DESCRIPTION

No. of UnitsNo. of Stories

Type (Det./Att.)Design (Style)

Existing/ProposedAge (Yrs.)

Effective Age (Yrs.)

EXTERIOR DESCRIPTION

FoundationExterior Walls

Roof SurfaceGutters & Dwnspts.

Window TypeStorm/Screens

Manufactured House

FOUNDATION

SlabCrawl Space

BasementSump Pump

DampnessSettlement

Infestation

BASEMENT

Area Sq. Ft.% Finished

CeilingWalls

FloorOutside Entry

INSULATION

RoofCeiling

WallsFloor

None

Unknown

ROOMS

BasementLevel 1

Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

INTERIOR Materials/Condition

FloorsWalls

Trim/FinishBath Floor

Bath WainscotDoors

HEATING

TypeFuel

ConditionCOOLING

CentralOther

Condition

KITCHEN EQUIP.

RefrigeratorRange/Oven

DisposalDishwasher

Fan/HoodMicrowave

Washer/Dryer

ATTIC

NoneStairs

Drop StairScuttle

FloorHeated

Finished

AMENITIES

Fireplace(s) #Patio

DeckPorch

FencePool

CAR STORAGE:

NoneGarage

AttachedDetached

Built-InCarport

Driveway

# of cars

CO

MM

EN

TS

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the

immediate vicinity of the subject property.:

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6/93PAGE 1 OF 2

Appraisal Report

Valuation Section File No.UNIFORM RESIDENTIAL APPRAISAL REPORT

CO

ST

AP

PR

OA

CH

ESTIMATED SITE VALUE

ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS:Dwelling

Garage/CarportTotal Estimated Cost New

LessDepreciation

Depreciated Value of Improvements"As-is" Value of Site ImprovementsINDICATED VALUE BY COST APPROACH

Sq. Ft.

Sq. Ft.

Sq. Ft.

@

@

@

$

$

$

Physical Functional External

=

==

==

$

$

=

=

==

=

$

$

$$

$

Comments on Cost Approach (such as, source of cost estimate, site value,

square foot calculation and for HUD, VA and FmHA, the estimated remainingeconomic life of the property):

SA

LES

CO

MP

AR

ISO

N A

NA

LY

SIS

/ / / /

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3


DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

+ – + – + –

$

$ $

$

$

$

$

$

$

$

$

$

$

$

$

$$

Address

Proximity to SubjectSales Price

Price/Gross Living AreaData and/or

Verification SourceVALUE ADJUSTMENTS

Sales or FinancingConcessions

Date of Sale/TimeLocation

Leasehold/Fee SimpleSite

ViewDesign and Appeal

Quality of ConstructionAge

ConditionAbove Grade

Room CountGross Living Area

Basement & FinishedRooms Below Grade

Functional UtilityHeating/Cooling

Energy Efficient ItemsGarage/Carport

Porch, Patio, Deck,Fireplace(s), etc.

Fence, Pool, etc.

Net Adj. (total)Adjusted Sales Price

of ComparableComments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

Date, Price and DataSource, for prior sales

within year of appraisalAnalysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

INDICATED VALUE BY SALES COMPARISON APPROACH

INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent /Mo. x Gross Rent Multiplier =

REC

ON

CIL

IATIO

N

This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingentand limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised ).

Signature

NameDate Report Signed

State Certification # StateOr State License # State

Signature



Inspect Property

Did Did Not

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF

(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6-93PAGE 2 OF 2Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

15,000

1,522 55.00 83,710

794 18.00 14,292

Fireplace, enclosed porch, deck 15,000

324 25.00 8,100

121,102

42,386 0 24,220 66,606

54,496

4,000

73,496

HLJ #291034

489ShermanParkway2

The cost estimates are obtained from

the Marshall & Swift Residential Cost Handbook and/or from a

survey of local builders. See Building Area Addendum for living

area calculations. Living area calculations are based on the

Assessor's Office Field Card due to the lack of a full on-site

inspection. External obsolescence is noted as stated on the prior

page. No functional obsolescence is assumed.

489 Sherman Parkway

New Haven

N/A

N/A

Exterior Insp./

City Hall

Average/Fair

Fee simple

0.17 Acre

Average

Colonial/Average

Average

89 Years

Average/Fair

7 4 1.5

1,522

Full Basement

Unfinished

Average - 4 BR's

OHA/None

Standard

2 Car Det. (Fair)

208 EP; 121 WD

1 Fireplace

Some fencing

Misc. None noted

Not currently

listed for sale.

See below.

527 Sherman Parkway

New Haven

Same street - 0.10 mile NE

49,000

56.00

MLS/City Hall

Volume: 9079 Page: 202

None noted

Cl. 11/19/13 +600

Average/Fair

Fee simple

0.13 Acre +1,000

Average

Ranch/Average

Average

59 Years -3,000

Average/Fair

5 3 1 +1,500

875 +13,000

Full Basement

Unfinished

Average - 3 BR's +2,500

OHA/None

Standard

Driveway +2,000

None +2,500

No Fireplace +1,500

Some fencing

None noted

21,600

Net 44.1 %

Gross 56.3 % 70,600

Not currently listed for sale.

No prior sale of this property

within one year of this report.

511 Winthrop Avenue

New Haven

0.36 mile SW

59,999

37.69

MLS/City Hall


None noted

Cl. 09/11/13 +1,300

Average/Fair

Fee simple

0.09 Acre +2,500

Average

Colonial/Average

Average

94 Years

Average/Fair

7 4 1.5

1,592 -1,000

Full Basement

Unfinished

Average

GHA/None

Standard

No Driveway +3,500

114 OP; 198 WD +500

No Fireplace +1,500

Some fencing

Unfinished attic -1,500

6,800

Net 11.3 %

Gross 19.7 % 66,799




605 Sherman Parkway

New Haven


47,000

24.34

MLS/City Hall


None noted

Cl. 02/01/13 +2,000

Average/Fair

Fee simple

0.15 Acre/Sloping +4,500

Average

Bung.Cape/Avg. +2,500

Average

84 Years

Average/Fair

6 3 1 +1,500

1,931 -4,000

Full Basement

Partially finished -1,000


OHA/None

Standard

Driveway +2,000

28sf OP; 168 EP +1,000

No Fireplace +1,500

Some fencing

None noted

12,500

Net 26.6 %

Gross 47.9 % 59,500




The quality of the market data is rated average.

Equal weight is assigned to all three sales. Each sale required a positive time adjustment to reflect improving market conditions since they

sold. All three sales are located on smaller lots than the subject site, with Sale #3 also having inferior topography. Sale #1 is a smaller home,

while Sales #2 and #3 are larger homes than the subject dwelling. The sales utilized in this report are the most recent sales of similar type

properties in the market area, and are the best indicators to value for the subject property.

The subject is not currently listed for sale with the local Multiple Listing Service. The subject has not sold within the past three years. The

comparable sales have not previously sold within one year of the effective date of this appraisal, except for the above reported sale dates.

65,000

N/A N/A N/A

This report and its associated value conclusion is subject to revision upon an interior and detailed on-site inspection of the

property, and review of pertinent information about the subject with the owner or any persons familiar with the subject.

Most weight is assigned to the Sales Comparison Approach as it best reflects market conditions. The Cost Approach is

subject to error in the estimation of accrued depreciation. The Income Approach was not developed due to insufficient rental data of single

family homes in the market area.

6/93

April 18, 2014

65,000


April 25, 2014

RCG.187 (Certified General Appraiser) CT

Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

15,000

1,522 55.00 83,710

794 18.00 14,292

Fireplace, enclosed porch, deck 15,000

324 25.00 8,100

121,102

42,386 0 24,220 66,606

54,496

4,000

73,496

HLJ #291034

489ShermanParkway2

The cost estimates are obtained from

the Marshall & Swift Residential Cost Handbook and/or from a

survey of local builders. See Building Area Addendum for living

area calculations. Living area calculations are based on the

Assessor's Office Field Card due to the lack of a full on-site

inspection. External obsolescence is noted as stated on the prior

page. No functional obsolescence is assumed.

489 Sherman Parkway

New Haven

N/A

N/A

Exterior Insp./

City Hall

Average/Fair

Fee simple

0.17 Acre

Average

Colonial/Average

Average

89 Years

Average/Fair

7 4 1.5

1,522

Full Basement

Unfinished

Average - 4 BR's

OHA/None

Standard

2 Car Det. (Fair)

208 EP; 121 WD

1 Fireplace

Some fencing

Misc. None noted

Not currently

listed for sale.

See below.

527 Sherman Parkway

New Haven


49,000

56.00

MLS/City Hall


None noted

Cl. 11/19/13 +600

Average/Fair

Fee simple

0.13 Acre +1,000

Average

Ranch/Average

Average

59 Years -3,000

Average/Fair

5 3 1 +1,500

875 +13,000

Full Basement

Unfinished


OHA/None

Standard

Driveway +2,000

None +2,500

No Fireplace +1,500

Some fencing

None noted

21,600

Net 44.1 %

Gross 56.3 % 70,600




511 Winthrop Avenue

New Haven

0.36 mile SW

59,999

37.69

MLS/City Hall


None noted

Cl. 09/11/13 +1,300

Average/Fair

Fee simple

0.09 Acre +2,500

Average

Colonial/Average

Average

94 Years

Average/Fair

7 4 1.5

1,592 -1,000

Full Basement

Unfinished

Average

GHA/None

Standard

No Driveway +3,500

114 OP; 198 WD +500

No Fireplace +1,500

Some fencing

Unfinished attic -1,500

6,800

Net 11.3 %

Gross 19.7 % 66,799




605 Sherman Parkway

New Haven


47,000

24.34

MLS/City Hall


None noted

Cl. 02/01/13 +2,000

Average/Fair

Fee simple

0.15 Acre/Sloping +4,500

Average

Bung.Cape/Avg. +2,500

Average

84 Years

Average/Fair

6 3 1 +1,500

1,931 -4,000

Full Basement

Partially finished -1,000


OHA/None

Standard

Driveway +2,000

28sf OP; 168 EP +1,000

No Fireplace +1,500

Some fencing

None noted

12,500

Net 26.6 %

Gross 47.9 % 59,500




The quality of the market data is rated average.

Equal weight is assigned to all three sales. Each sale required a positive time adjustment to reflect improving market conditions since they

sold. All three sales are located on smaller lots than the subject site, with Sale #3 also having inferior topography. Sale #1 is a smaller home,

while Sales #2 and #3 are larger homes than the subject dwelling. The sales utilized in this report are the most recent sales of similar type

properties in the market area, and are the best indicators to value for the subject property.

The subject is not currently listed for sale with the local Multiple Listing Service. The subject has not sold within the past three years. The

comparable sales have not previously sold within one year of the effective date of this appraisal, except for the above reported sale dates.

65,000

N/A N/A N/A

This report and its associated value conclusion is subject to revision upon an interior and detailed on-site inspection of the

property, and review of pertinent information about the subject with the owner or any persons familiar with the subject.

Most weight is assigned to the Sales Comparison Approach as it best reflects market conditions. The Cost Approach is

subject to error in the estimation of accrued depreciation. The Income Approach was not developed due to insufficient rental data of single

family homes in the market area.

6/93

April 18, 2014

65,000


April 25, 2014

RCG.187 (Certified General Appraiser) CT

Valuation Section File No.UNIFORM RESIDENTIAL APPRAISAL REPORT

CO

ST

AP

PR

OA

CH

ESTIMATED SITE VALUE

ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS:Dwelling

Garage/CarportTotal Estimated Cost New

LessDepreciation

Depreciated Value of Improvements"As-is" Value of Site ImprovementsINDICATED VALUE BY COST APPROACH

Sq. Ft.

Sq. Ft.

Sq. Ft.

@

@

@

$

$

$

Physical Functional External

=

==

==

$

$

=

=

==

=

$

$

$$

$

Comments on Cost Approach (such as, source of cost estimate, site value,

square foot calculation and for HUD, VA and FmHA, the estimated remainingeconomic life of the property):

SA

LES

CO

MP

AR

ISO

N A

NA

LY

SIS

/ / / /



DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

+ – + – + –

$

$ $

$

$

$

$

$

$

$

$

$

$

$

$

$$

Address

Proximity to SubjectSales Price

Price/Gross Living AreaData and/or

Verification SourceVALUE ADJUSTMENTS

Sales or FinancingConcessions

Date of Sale/TimeLocation

Leasehold/Fee SimpleSite

ViewDesign and Appeal

Quality of ConstructionAge

ConditionAbove Grade

Room CountGross Living Area

Basement & FinishedRooms Below Grade

Functional UtilityHeating/Cooling

Energy Efficient ItemsGarage/Carport

Porch, Patio, Deck,Fireplace(s), etc.

Fence, Pool, etc.

Net Adj. (total)Adjusted Sales Price

of ComparableComments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

Date, Price and DataSource, for prior sales

within year of appraisalAnalysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

INDICATED VALUE BY SALES COMPARISON APPROACH

INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent /Mo. x Gross Rent Multiplier =

REC

ON

CIL

IATIO

N

This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingentand limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised ).

Signature



Signature



Inspect Property

Did Did Not

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF

(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6-93PAGE 2 OF 2


File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

489ShermanParkway2

Janice McKenzie

489 Sherman Parkway



Borrower/Client

ClientPurpose and Function/Intended Use of the Report

The purpose of this report is to form an opinion of the current market value of the fee simple title to the subject property basedupon an exterior inspection. This report is intended to be utilized only by the Law Firm of Hunt Leibert Jacobson, P.C. inconjunction with a pending foreclosure action. Any unauthorized use of this report without written consent of this appraiser andthe above mentioned client is strictly prohibited. I have performed no services, as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding the acceptance of thisassignment.

Estimated Exposure Time

The estimated exposure time for the subject property is two to five months, which assumes marketing of the subject by anexperienced Realtor with the local Multiple Listing Service. The subject has not sold in the past three years. The subject is notcurrently listed for sale with the local MLS.

Exterior Inspection, Sources of Information

This appraiser performed an exterior and off-site inspection of the subject property, as requested. The information in this reportwas gathered from, but not limited to, the exterior and off-site inspection, my office files, available City Hall records and MultipleListing Service data.

Opinion of Value, Value Allocation, Conditions of the Appraisal

It is my opinion that the market value of the fee simple title to the subject property as of April 18, 2014 is $65,000 (SIXTY FIVETHOUSAND DOLLARS), allocating the value as follows:

Site: $15,000.Improvements: $50,000.*Total Estimated Market Value: $65,000.

*This report and its associated value conclusion is subject to revision upon a full interior and on-site inspection of the subjectproperty, and review of pertinent information about the subject with the owner or any persons familiar with the subject property.



Assessor's Field Card Page 1

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client



Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client





Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client



Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client




Deed

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


Deed

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client




Deed/Legal Description

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


Deed/Legal Description

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client




Plat Map

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


Plat Map

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client



Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client

Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client



Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page

Janice McKenzie

489 Sherman Parkway



Subject Front

Sales Price

GLATotal Rooms

Total BedrmsTotal Bathrms

LocationView

SiteQuality

Age

489 Sherman Parkway

N/A

1,522

7

4

1.5

Average/Fair

Average

0.17 Acre

Average

89 Years

Subject Rear

Subject Street

Borrower/Client

Client

Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page

Janice McKenzie

489 Sherman Parkway



Subject Front

Sales Price

GLATotal Rooms


LocationView

SiteQuality

Age

489 Sherman Parkway

N/A

1,522

7

4

1.5

Average/Fair

Average

0.17 Acre

Average

89 Years

Subject Rear

Subject Street

Borrower/Client

Client



Form PIC4x6.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo Page

Janice McKenzie

489 Sherman Parkway



Comparable 1

Proximity

Sale PriceGLA

Total RoomsTotal Bedrms

Total BathrmsLocation

ViewSite

QualityAge

527 Sherman Parkway


49,000

875

5

3

1

Average/Fair

Average

0.13 Acre

Average

59 Years

Comparable 2

Proximity

Sale PriceGLA



ViewSite

QualityAge

511 Winthrop Avenue

0.36 mile SW

59,999

1,592

7

4

1.5

Average/Fair

Average

0.09 Acre

Average

94 Years

Comparable 3

ProximitySale Price

GLATotal Rooms


LocationView

SiteQuality

Age

605 Sherman Parkway


47,000

1,931

6

3

1

Average/Fair

Average

0.15 Acre/Sloping

Average

84 Years

Borrower/Client

Client

Form PIC4x6.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo Page

Janice McKenzie

489 Sherman Parkway



Comparable 1

Proximity

Sale PriceGLA



ViewSite

QualityAge

527 Sherman Parkway


49,000

875

5

3

1

Average/Fair

Average

0.13 Acre

Average

59 Years

Comparable 2

Proximity

Sale PriceGLA



ViewSite

QualityAge

511 Winthrop Avenue

0.36 mile SW

59,999

1,592

7

4

1.5

Average/Fair

Average

0.09 Acre

Average

94 Years

Comparable 3

ProximitySale Price

GLATotal Rooms


LocationView

SiteQuality

Age

605 Sherman Parkway


47,000

1,931

6

3

1

Average/Fair

Average

0.15 Acre/Sloping

Average

84 Years

Borrower/Client

Client




Qualifications of the Appraiser

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


Qualifications of the Appraiser

Janice McKenzie

489 Sherman Parkway



Borrower/Client

Client


DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions

requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are

typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price

represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale.

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary

for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the

comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession

but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following

conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that

the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist

the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted

in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makesno guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do

so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These

separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxicsubstances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing

the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property oradverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and

has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. Theappraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such

conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other

parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or

alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal

organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality

of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also

be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.

Freddie Mac Form 439 6-93 Fannie Mae Form 1004B 6-93Page 1 of 2

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEEsposito & Associates

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEEsposito & Associates

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions

requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are

typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price

represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale.

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary

for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the

comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession

but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following

conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that

the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist

the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted

in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makesno guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do

so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These

separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxicsubstances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing

the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property oradverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and

has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. Theappraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such

conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other

parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or

alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal

organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality

of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also

be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.


APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject propertyfor consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant

variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reducethe adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made

a positive adjustment to increase the adjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have notknowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the

appraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingentand limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with

respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal reporton the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present

owners or occupants of the properties in the vicinity of the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing thisappraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,

the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. Idid not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal

Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of thoseStandards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value

and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in thereconciliation section.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.

I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediatevicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that

I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professionalassistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and

disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to performthe tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take

no responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:

I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:

Date Signed: Date Signed:State Certification #: State Certification #:

or State License #: or State License #:State: State:

Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property


Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

489 Sherman Parkway, New Haven, CT 06511


April 25, 2014

RCG.187 (Certified General Appraiser)

Connecticut

04/30/2014

I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within thethree-year period immediately preceding the acceptance of this assignment.

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

489 Sherman Parkway, New Haven, CT 06511


April 25, 2014

RCG.187 (Certified General Appraiser)

Connecticut

04/30/2014

I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within thethree-year period immediately preceding the acceptance of this assignment.

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject propertyfor consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant

variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reducethe adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made

a positive adjustment to increase the adjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have notknowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the

appraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingentand limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with

respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal reporton the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present

owners or occupants of the properties in the vicinity of the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing thisappraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,

the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. Idid not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal

Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of thoseStandards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value

and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in thereconciliation section.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.

I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediatevicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that

I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professionalassistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and

disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to performthe tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take

no responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:

I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:

Date Signed: Date Signed:State Certification #: State Certification #:

or State License #: or State License #:State: State:

Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property


Documents

Affidavit of Appraisers3.amazonaws.com/records.cthouse/7741182.pdf · Single family housing Present land use % Land use change Note: Race and the racial composition of the neighborhood